Shares of Reliance Industries fell 2.13% to ₹2,578.05 on the BSE in Monday's intraday trade to close at ₹2596.80 per share on the BSE.
The stock price opened almost flat at ₹2,633 and hit a high of ₹2,655 around 2:00 PM but failed to hold on to this momentum and fell 0.84% to end at ₹2,596.80, indicating investors are not pleased with the Reliance Industries announcements.
Reliance Industries conducted its 45th annual general meeting (AGM) on Monday, August 29th at 2 pm. The annual general meeting of oil-to-telecom conglomerate RIL is being conducted via video conferencing for the third consecutive year. At the AGM, Mukesh Ambani made a slew of announcements.
Mukesh Ambani announced an investment of ₹2 lakh crore to build a pan-India true 5G network. He said that Reliance Jio Infocomm has prepared an ambitious and fastest ever 5G rollout plan for the country. Meanwhile, Reliance Jio Infocomm was the highest bidder in the recently held spectrum auction with the acquisition of 24,740 MHz, Mint reported.
He said, By December 2023, Jio will be delivering 5G to every town in the country. The three-fold advantages of the Stand-Alone 5G architecture, the largest and best mix of the spectrum, and carrier aggregation mean Jio 5G will be able to offer an unparalleled combination of coverage, capacity, quality, and affordability, he added.
Jio 5G gives ultra-high fiber-like speed over the air without any wires. “We are calling it Jio AirFiber. With JioAirFiber, it will be really easy to quickly connect your home or office to Gigabit-speed Internet”, he said.
He further said that Reliance Industries added close to 2.32 lakh jobs across all businesses, with Reliance Retail being one of the largest employers during FY22.
Using Jio AirFiber, customers can opt to use a virtual PC—Jio Cloud PC. No upfront investments, no upgrades. “A super-affordable way to bring the power of a PC, even multiple PCs, to every Indian home and business”, says Kiran Thomas, President, RIL.
Isha Ambani said, "Our digital commerce platforms continued their growth with nearly six lakh orders being delivered every day, an increase of 2.5 times over last year." Jio Mart, delivering in over 260 towns, was rated India’s 1 trusted brand for online grocery."
"We opened over 2,500 stores in the year to take our store count to over 15,000, with an area of 42 million sq ft. We doubled warehousing space to 670 million sq ft. "We generated employment for more than 1,50,000, taking our employee base to 360,000,"
Reliance’s New Energy business offers unprecedented opportunities for multi-decade growth, as decarbonizing the global economy will require annual $5 trillion investments for several decades in green and clean energy globally. This underlines the sheer magnitude of responsibility and opportunity for RIL’s new energy business, which is far more ambitious, far more transformational, and far more global in scope than anything Reliance has ever done before, Mukesh Ambani said.
An average of 33 analysts polled by MintGenie have a 'buy' call on the stock.
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